Commencement of Trading on Split-Adjusted
Basis on December 21, 2023
BOSTON, Dec. 19,
2023 /PRNewswire/ -- NeuroBo Pharmaceuticals,
Inc. (Nasdaq: NRBO), a clinical-stage biotechnology company
focused on the transformation of cardiometabolic diseases, today
announced a 1-for-8 reverse stock split of the Company's Common
Stock, par value $0.001. Beginning on
December 21, 2023, the Company's
Common Stock will trade on The Nasdaq Capital Market on a split
adjusted basis.
At the Company's annual meeting of stockholders on June 28, 2023, the stockholders approved a
proposal to amend the Company's Certificate of Incorporation to
effect a reverse split of the Company's outstanding common stock at
a ratio in the range of 1-for-5 to 1-for-8 to be determined at the
discretion of the Board of Directors, whereby each outstanding 5 to
8 shares would be combined, converted and changed into 1 share of
Common Stock, to enable the Company to comply with the Nasdaq Stock
Market's continued listing requirements.
Upon effectiveness, the reverse stock split will cause a
reduction in the number of shares of common stock outstanding and
issuable upon the conversion of the Company's outstanding stock
options and warrants in proportion to the ratio of the reverse
split, and will cause a proportionate increase in the conversion
and exercise prices of such stock options and warrants. Any
fraction of a share of Common Stock that would be created as a
result of the Reverse Stock Split will be rounded down to the next
whole share and the stockholder will receive cash equal to the
market value of the fractional share, determined by multiplying
such fraction by the closing sales price of the Company's Common
Stock as reported on Nasdaq on the last trading day before the
Reverse Stock Split becomes effective (on a split-adjusted
basis).
The Company's common stock will continue to trade on The Nasdaq
Capital Market under the symbol "NRBO". The new CUSIP number for
the common stock following the reverse split is 64132R 404.
The number of authorized shares of the Company's common stock
will remain at 100 million, while the number of outstanding shares
will be reduced from approximately 38.8 million to approximately
4.85 million.
Additional information about the reverse stock split can be
found in the Company's definitive proxy statement filed with the
Securities and Exchange Commission on May
26, 2023, a copy of which is also available on the Company's
website under the Investor Relations page.
About NeuroBo Pharmaceuticals
NeuroBo Pharmaceuticals,
Inc. is a clinical-stage biotechnology company focused on
transforming cardiometabolic diseases. The company is currently
developing DA-1241 for the treatment of Non-Alcoholic
Steatohepatitis (NASH) and Type 2 Diabetes Mellitus (T2DM), and is
developing DA-1726 for the treatment of obesity. DA-1241 is a novel
G-protein-coupled receptor 119 (GPR119) agonist that promotes the
release of key gut peptides GLP-1, GIP, and PYY. In preclinical
studies, DA-1241 demonstrated a positive effect on liver
inflammation, lipid metabolism, weight loss, and glucose
metabolism, reducing hepatic steatosis, hepatic inflammation, and
liver fibrosis, while also improving glucose control. DA-1726 is a
novel oxyntomodulin (OXM) analogue that functions as a
glucagon-like peptide-1 receptor (GLP1R) and glucagon receptor
(GCGR) dual agonist. OXM is a naturally-occurring gut hormone that
activates GLP1R and GCGR, thereby decreasing food intake while
increasing energy expenditure, thus potentially resulting in
superior body weight loss compared to selective GLP1R agonists. For
more information, please visit www.neurobopharma.com.
Forward Looking Statements
Certain statements in this
release may be considered forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as "believes", "expects", "anticipates", "may", "will",
"should", "seeks", "approximately", "intends", "projects," "plans",
"estimates" or the negative of these words or other comparable
terminology (as well as other words or expressions referencing
future events, conditions or circumstances) are intended to
identify forward-looking statements. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this release, including, without
limitation, those risks associated with NeuroBo's ability to
execute on its commercial strategy; the timeline for regulatory
submissions; ability to obtain regulatory approval through the
development steps of NeuroBo's current and future product
candidates, the ability to realize the benefits of the license
agreement with Dong-A ST Co. Ltd., including the impact on future
financial and operating results of NeuroBo; the cooperation of our
contract manufacturers, clinical study partners and others involved
in the development of NeuroBo's current and future product
candidates; potential negative interactions between our product
candidates and any other products with which they are combined for
treatment; NeuroBo's ability to initiate and complete clinical
trials on a timely basis; our ability to recruit subjects for its
clinical trials; whether NeuroBo receives results from NeuroBo's
clinical trials that are consistent with the results of
pre-clinical and previous clinical trials; impact of costs related
to the license agreement, known and unknown, including costs of any
litigation or regulatory actions relating to the license agreement;
effects of changes in applicable laws or regulations; effects of
changes to NeuroBo's stock price on the terms of the license
agreement and any future fundraising; and other risks and
uncertainties described in our filings with the SEC.
Forward-looking statements speak only as of the date when made.
NeuroBo does not assume any obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Contact:
NeuroBo Pharmaceuticals
Marshall H. Woodworth
Interim Chief Financial Officer
+1-919-749-8748
marshall.woodworth@neurobopharma.com
Rx Communications Group
Michael Miller
+1-917-633-6086
mmiller@rxir.com
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SOURCE NeuroBo Pharmaceuticals, Inc.